Federal Bailout

Your Personal Bailout – Bankruptcy

Do you remember when the economy tanked a few years ago? People were losing their homes to foreclosure and the government was busy handing out billions to banks, insurance companies, investment companies and car manufacturers. The TARP funds – remember?

I certainly do. As a closing attorney, my income generally follows the rollercoaster that is the real estate market. Those were tough times and many people (and their house prices) still haven’t fully recovered. At the time of all those corporate, fatcat bailouts, I remember thinking to myself, “I wish someone would bail me out.” And then I realized, the federal government has long had a bailout program for me and everyone else. It’s called bankruptcy.

Worried about the stigma of filing bankruptcy? Or maybe the damage to your credit score? It hasn’t seemed to slow down Donald Trump. There have been quite a few other famous and super successful people that have either gone bankrupt, or filed bankruptcy. Here’s a few:

Walt Disney. Henry Ford. Burt Reynolds. M C Hammer. The list goes on… << click here >> for some more.

In this episode, we chat with Collierville attorney Artie Byrd about:

  • who can file a personal bankruptcy?
  • what is the difference between a chapter 7 and a chapter 13 bankruptcy?
  • how much will a bankruptcy damage your credit?

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